Micro: Unit 3.6 -- Perfectly Competitive Firms

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: Explain the key characteristics of perfectly competitive firms Discuss how perfectly competitive firms are "price takers" Analyze how the size and number of firms in the industry prevents any one firm from a impacting market price or output Explain why perfectly competitive firms have no need for non-price competition Investigate how perfectly competitive firms are driven to be productively efficient in the long-run Describe barriers to entry and how low barriers make it easy for firms to enter and exit a perfectly competitive industry Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us: https://sites.google.com/view/you-wil...